First Tuesday city leaders buy network

Nick Leighton, First Tuesday Dubai’s city leader, says regional network will now have more power to offer localised products and services

First Tuesday’s city leaders have signed a letter of intent to purchase First Tuesday from Yazam.com Inc. The deal involves the purchase of the First Tuesday brand and intellectual property, including membership and activities databases.

"Consolidating the ownership of First Tuesday into the hands of the network of local city leaders will help unlock the potential of the First Tuesday worldwide community, and deliver new value to its members" said Nick Leighton, First Tuesday Dubai City Leader. "The strength of First Tuesday resides in the power of its global network, and its belief in entrepreneurship and innovation."

First Tuesday gatherings help raise awareness of the issues facing Internet and dot-com companies and provide a meeting place for entrepreneurs and investors. The network was founded in London in 1998 and operates in 110 cities in 46 countries.

Leighton says the move to buy out the network will allow city leaders greater freedom to hold events that fit the needs of local members. It will also enable a quicker role out in the region of new products and services that are in the pipeline.

First Tuesday Dubai was started in May 2000. The group today consists of over 850 members and the monthly events are attended by over two hundred people.